Queensland home building booms
Confidence is returning to the Queensland residential property market, with recent figures showing an increase in home building approvals around the state.
Warwick Temby, Housing Industry Association executive director of Queensland, said approvals were seven per cent up on the same period last year, with the state's resource-rich regions driving the growth.
"The Gladstone region is the standout where home building approvals have more than double in the three months to October this year when compared to the same period in 2012," Mr Temby said.
"Proximity to the resources developments continues to be a key driver of performance across the state. Central Queensland and the Darling Downs regions show growth of around 50 per cent or more last year."
The expert attributed low interest rates and the state government's $15,000 first time buyer grant to the recent figures, adding that the Reserve Bank's latest cut will further drive growth in the sector.
The HIA expects favourable economic conditions will propel more Queenslanders to break into the property market, resulting in a 15 per cent improvement in home building activity next year.
Rockhampton, Toowoomba, Townsville and Mackay all experience significant growth in home building, while Brisbane, the Sunshine Coast and the Gold Coast recorded declines.